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Home > Investors > Results > History of results    >    2009 interim financial statements

History of results

2009 interim financial statements - Financial statements

- Key figures
- Consolidated income statement
- Consolidated balance sheet
- Consolidated cash flow statement

Key figures
in € millions
 1st half 20091st half 2008(*)12 months 2008
REVENUE15,391.115,951.533,930.3
of which:   
Revenue excluding construction by third parties
of new infrastructure under concession
14,154.715,715.733,457.8
Revenue realised by concession operators for the construction
of new infrastructure by third parties
236.5235.8472.5
Revenue outside France5,743.85,666.112,571.9
% of revenue
37.3%35.5%37.1%
Operating profit from ordinary activities1,357.81 462.13 377.8
% of revenue (**)
9.0%9.3%10.1%
Operating profit 1,356.21,432.43,275.9
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT690.1 732.71,591.4
Earnings per share (in €)1.441.563.39
Diluted earnings per share (in €)1.421.523.30
Dividend per share (in €)  1.62
Equity including minority interest9,732.98,508.09,025.8
Net financial debt(15,701.2)(16,696.8)(15,370.8)
Net financial debt excluding project finance(14,676.3)(16,079.8)(14,410.8)
CASH FLOWS FROM OPERATIONS 2,147.22,178.74,871.8
Net investments in operating assets(441.9)(473.0)(897.3)
Investments in concession assets and PPP contracts(585.3)(531.5)(1,217.9)
Net financial investments(***)(47.9)(146.0)(277.9)

(*) See change of accounting policies applied at 31 December 2008 (see Notes B.1.3.1 "IFRIC 12: accounting for concession agreements" and B.1.3.2 "Accounting for loans at below-market rate of interest").
(**) Percentage calculated using revenue excluding the construction of new infrastructure under concession.
(***) Including net cash of companies acquired or sold.

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Consolidated income statement
(in € millions)
 1st half 20091st half 2008(*)12 months 2008
REVENUE15,391.115,951.533,930.3
of which :   
Revenue excluding construction by third parties of new infrastructure
under concession
15,154.715,715.733,457.8
Revenue realised by concession operators for the construction
of new infrastructure by third parties
236.5235.8472.5
Revenue from ancillary activities100.392.2216.1
Operating expenses(14,133.7)(14,581.6)(30,768.7)
Operating profit from ordinary activities1,357.81 462.13,377.8
Share-based payment expense (IFRS 2)(18.6)(39.6)(103.5)
Goodwill impairment expense  (22.2)
Profit/(loss) of associates17.09.923.8
OPERATING PROFIT1,356.21,432.43,275.9
Cost of gross financial debt(434.9)(480.7)(1, 043.2)
Financial income from cash management investments55.485.6179.8
Cost of net financial debt(379.5)(395.1)(863.3)
Other financial income115.0142.5256.0
Other financial expenses(57.8)(28.9)(199.0)
Income tax expense(294.6)(356.5)(770.5)
Net profit from discontinued operations739.2794.41,699.1
Net profit after tax from discontinued operations (halted or sold)   
NET PROFIT for the period739.2794.41,699.1
Minority interest49.261.8107.7
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT690.1732.71,591.4
 
Earnings per share from continuing operations
Earnings per share (in €)1.441.563.39
Diluted earnings per share (in €)1.421.523.30
 
Earnings per share to equity holder of the parent
Earnings per share (in €)1.441.563.39
Diluted earnings per share (in €)1.421.523.30

(*) See change of accounting policy applied at 31 December 2008 (see Note B.1.3.1 "IFRIC 12: accounting for concession agreements").

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Consolidated balance sheet
(in € millions)
ASSETS30/06/200930/06/2008(*)31/12/2008
Non-current assets   
Concession intangible assets24,136.623,913.524,059.2
Goodwill3,634.03,460.93, 578.9
Other intangible assets189.0153.9177.3
Property, plant and equipment4,713.64,386.04,582.9
Investment property45.245.042.8
Investments in associates210.3183.2165.9
Other non-current financial assets696.4608.9622.4
Deferred tax assets136.198.6143.8
Total non-current assets33,761.132,849.9 33,373.2
Current assets   
Inventories and work in progress887.6868.4786.4
Trade and other operating receivables11,698.212,199.311,561.5
Other current assets370.0345.8325.6
Current tax assets59.561.691.5
Other current financial assets316.0350.1246.9
Cash management financial assets898.5604.3338.6
Cash and cash equivalents4,980.74,238.95,068.5
Total current assets (before assets held for sale)19,210.618,668.5 18,419.0
Assets related to discontinued activities and other assets held for sale 5.4 
Total current assets19,210.618,673.8 18,419.0
TOTAL ASSETS52,971.151,523.7 51,792.2
 
Equity and liabilities30/06/200930/06/2008(*)31/12/2008
Equity   
Share capital1,288.91,234.11,240.4
Share premium5,642.95,077.85,162.7
Treasury shares(1,125.8)(1,301.4)(1 247.5)
Other equity instruments490.6490.6490.6
Consolidated reserves2,348.71,666.61,436.1
Currency translation reserves(78.0)(47.7)(113.6)
Net profit for the period attributable to equity holders of the parent690.1732.71 591.4
Net income recognised directly in equity(154.7)53.3(139.7)
Equity attributable to equity holders of the parent9,102.77,905.9 8,420.5
Minority interest630.2602.0605.3
Total equity9,732.9 8,508.0 9,025.8
Non-current liabilities   
Non-current provisions927.0958.6905.3
Bonds5,109.35,130.03,958.7
Other loans and borrowings12,896.913,286.713,813.6
Other non-current liabilities116.283.9114.2
Deferred tax liabilities2,436.92,306.52,478.5
Total non-current liabilities21,486.321,765.8 21,270.4
Current liabilities   
Current provisions2,617.62,422.52,672.4
Trade payables6,284.76,983.56,803.8
Other current payables9,671.68,148.38,574.0
Current tax payables216.4173.9123.7
Current borrowings3,962.23,520.53,322.0
Total current liabilities (before liabilities held for sale) 21,752.521,248.6 21,495.9
Liabilities related to discontinued activities and other liabilities held for sale 1.3 
Total current liabilities 21,752.521,250.0 21,495.9
TOTAL EQUITY AND LIABILITIES52,971.751,523.7 51,792.2

(*) See change of accounting policies applied at 31 December 2008 (see Notes B.1.3.1 "IFRIC 12: accounting for concession agreements" and B.1.3.2 "Accounting for loans at below-market rate of interest").

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Consolidated cash flow statement
(in € millions)
 30/06/200930/06/2008(*)31/12/2008
Net profit for the period (including minority interest)739.2794.4 1,699.1
Depreciation and amortisation883.2841.31,730.1
Net increase/(decrease) in provisions13.9(47.4)(83.5)
Share-based payments (IFRS 2) and other restatements(41.9)5.257.0
Gain/(loss) on disposals(29.1)(41.4)(102.0)
Change in fair value of financial instruments6.1(36.7)111.8
Share of profit/(loss) of associates. dividends received from
unconsolidated entities and profit/(loss) of operations classified as held for sale
(28.2)(22.7)(38.7)
Capitalised borrowing costs(70.2)(65.5)(135.9)
Cost of net financial debt recognised379.5395.1863.3
Current and deferred tax expense recognised294.6356.5770.5
Cash flows (used in)/from operations before tax and financing costs2,147.2 2,178.7 4,871.8
Changes in working capital requirement and current provisions(757.0)(389.8)733.0
Income taxes paid(205.5)(349.4)(582.4)
Net interest paid(470.5)(463.3)(881.4)
NET CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES - I 714.2976.1 4,140.9
  Purchases of property. plant and equipment. and intangible assets(481.2)(510.0)(992.8)
  Proceeds from sales of property, plant and equipment, and intangible assets39.3 37.0 95.4
Net investments in operating assets(441.9)(473.0)(897.3)
  Purchases of concession fixed assets (net of grants received)(541.1)(528.2)(1,166.6)
  Ffinancial receivables (PPP contracts and others)(44.3) (3.3) (51.3)
Investments in concession assets and PPP contracts(585.3) (531.5) (1,217.9)
  Purchases of shares in subsidiaries and associates
  (consolidated and unconsolidated)
(82.3) (145.8) (479.8)
  Proceeds from sales of shares in subsidiaries and associate
  (consolidated and unconsolidated)
31.244.395.5
  Net effect of changes in consolidation scope3.2(44.4)106.4
Net financial investments(47.9) (146.0) (277.9)
  Dividends received from associates and unconsolidated entities21.926.230.5
  Other(31.8) 13.7 40.3
NET CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES - II (1,085.0)(1,110.6)(2,322.4)
Changes in share capital528.7290.1381.3
Changes in treasury shares0.2(222.6)(200.3)
Minority interest in share capital increases of subsidiaries  5.9
Dividends paid   
  - to shareholders of VINCI SA(524.7)(488.5)(765.1)
  - to minority interests(28.5) (34.4) (63.6)
Proceeds from new borrowings1,223.1316.3679.1
Repayment of borrowings and changes in other current financial debt(490.5)(336.1)(1,272.7)
Change in cash management assets(521.5)96.4397.1
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES - III186.7(378.7)(838.2)
CHANGE IN NET CASH - I + II + III (184.1)(513.2)980.3
Net cash and cash equivalents at beginning of period4,513.43,594.0 3,594.0
Other changes5.8(18.6)(60.9)
Net cash and cash equivalents at end of period4,335.13,062.2 4,513.4
Increase/(decrease) of cash management financial assets521.5(96.4)(397.1)
(Proceeds from)/repayment of loans(732.6)19.8593.6
Other changes59.0214.9(183.4)
Change in net debt(330.4)(393.5)932.5
Net debt at beginning of period(15,370.8)(16,303.3)(16,303.3)
Net debt at end of period(15,701.2)(16,696.8)(15,370.8)

(*) See change of accounting policy applied at 31 December 2008 (see Note B.1.3.1 "IFRIC 12: accounting for concession agreements").

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Last updated: 01/09/2009